CIM Group Sells Miami Worldcenter Retail District to Investor Consortium
CIM Group and its partners in the transformative Miami Worldcenter have announced the sale of the project’s expansive retail and entertainment district to a newly formed investment venture. The acquiring group includes Falcone Group, ROK Acquisitions, Andrew Mirmelli, The Davis Companies, and Jamestown. The transaction marks a significant milestone in the evolution of one of the largest mixed-use developments in the United States.
Spanning 27 acres in the heart of Downtown Miami, Miami Worldcenter represents a $6 billion urban redevelopment that has dramatically reshaped the city’s landscape. The retail and entertainment district included in the sale encompasses approximately 300,000 square feet of space dedicated to shopping, dining, and leisure experiences. In addition, the district features roughly 2,000 parking spaces and 100,000 square feet of thoughtfully designed parks and public plazas, underscoring its role as both a commercial hub and a community gathering place.
The origins of Miami Worldcenter date back more than two decades, when developers began assembling over 30 parcels of land in Miami’s Park West neighborhood—an area once characterized by surface parking lots and underutilized properties. In 2011, a strategic partnership was formed between CIM Group, Falcone Group, and developer Nitin Motwani, laying the groundwork for the project’s master development. Over time, the partnership attracted leading developers from across the country, each contributing to the construction of high-rise residential and hospitality towers that now define the district’s skyline.
The assets included in the transaction reflect the scale and diversity of the development. These include multiple retail buildings and parking structures such as Block H Garage, offering over 900 parking spaces, and Block D East Garage, which accommodates more than 1,100 vehicles. Retail components like Block F West and Block F East house a variety of prominent tenants, including a flagship Apple store that serves as a major anchor for the district. Additional retail and mixed-use properties included in the deal further contribute to the district’s vibrant commercial ecosystem.
According to CIM Group leadership, Miami Worldcenter exemplifies the firm’s approach to large-scale, community-focused development. The project integrates significant public infrastructure, accessible transportation options, and open spaces designed to enhance urban living. Over the past decade, what was once a neglected section of the city has been transformed into a dynamic destination that blends residential, commercial, and recreational uses.
The retail district officially opened in early 2025 and quickly established itself as a premier destination for both locals and visitors. It features an impressive lineup of global brands such as Sephora, Lululemon, Ray-Ban, Lucid Motors, and Free People, alongside specialty retailers and experiential concepts. The presence of these brands reflects a carefully curated tenant mix aimed at creating a high-quality retail environment.
Dining and entertainment offerings are equally diverse, with well-known establishments such as Maple & Ash, Earls Kitchen + Bar, and Sweet Paris Crêperie & Café complementing local favorites. Entertainment venues like Lucky Strike Bowling and the immersive Museum of Ice Cream add to the district’s appeal as a lifestyle destination.
A key factor supporting the success of the retail district is the built-in residential population within Miami Worldcenter. The first residential tower, the 569-unit Paramount condominium, was delivered in 2019 through a partnership involving CIM Group. That same year, the firm completed the 444-unit Caoba apartments, now rebranded as Flow. These developments, along with additional residential towers, provide a steady stream of foot traffic that benefits retail tenants.
Hospitality offerings have also expanded, with the opening of the citizenM Miami Worldcenter in 2023. Future phases of the project are expected to introduce additional hotel concepts, further enhancing the district’s appeal to tourists and business travelers alike.
Beyond its commercial components, Miami Worldcenter places a strong emphasis on public space and cultural engagement. The development includes extensive landscaping, pedestrian-friendly areas, and inviting gathering spots. In 2022, CIM Group collaborated with renowned curator Jeffrey Deitch to launch a $5 million public art initiative. This effort has resulted in the creation of a permanent outdoor art museum, adding a cultural dimension to the urban environment.
Transportation connectivity is another defining feature of the project. Located adjacent to MiamiCentral Station, the district offers seamless access to high-speed rail services as well as regional transit systems, including Metrorail, Metromover, and Tri-Rail. This makes Miami Worldcenter one of the most accessible transit-oriented developments in South Florida.
As part of the transaction, a CIM-managed fund is also providing a first mortgage loan to the Falcone-led venture, demonstrating the firm’s integrated approach to real estate investment and financing. Through its debt solutions platform, CIM Group continues to offer a range of lending options to developers and property owners across major U.S. markets.
With a 30-year track record, CIM Group remains committed to its community-focused investment strategy, leveraging its expertise in development, acquisition, and asset management to create vibrant, sustainable urban environments. The sale of Miami Worldcenter’s retail and entertainment district represents not just a major financial transaction, but also a pivotal step in the ongoing evolution of one of Miami’s most ambitious and impactful developments.
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